Cathie Wood’s Ark Invest has trimmed its exposure to Coinbase Global Inc. [COIN], offloading $43.8 million worth of shares across three of its flagship exchange-traded funds as the crypto exchange’s stock hovers near its all-time high.
According to Ark’s latest trading report, the firm sold a total of 124,892 Coinbase shares on Monday. The bulk came from the ARK Innovation ETF (ARKK), which shed 77,956 shares, while the ARK Next Generation Internet ETF (ARKW) sold 29,802 shares, and the ARK Fintech Innovation ETF (ARKF) offloaded 17,134 shares.
Profit-Taking as Coinbase Hits New Heights
Coinbase shares closed down slightly by 0.83% at $350.49 on Monday, based on Yahoo Finance data. Despite the minor dip, COIN has surged 42.12% over the past month and is up 41.16% year-to-date, driven by improving crypto market sentiment and positive investor outlook.
Last week, Coinbase closed at $375.07 on June 26, marking its highest daily close since the company’s public listing in April 2021. The rally has been fueled in part by Circle’s debut in public markets, which bolstered confidence in crypto infrastructure companies.
Analysts Turn Bullish with New $510 Price Target
The bullish momentum surrounding Coinbase has not gone unnoticed. Analysts at Bernstein, a leading research and brokerage firm, recently lifted their price target for COIN to $510, up from $310. The firm cited improved earnings projections, new growth opportunities, and a refreshed valuation model as key drivers for the upgrade.
This optimism comes as Coinbase continues to benefit from rising crypto adoption and an expanding suite of institutional services that diversify its revenue streams beyond retail trading.
Ark Invest Rebalances Crypto Exposure
While Ark Invest remains one of the most prominent institutional backers of crypto-related stocks, this latest sale reflects its ongoing strategy to actively rebalance its portfolios and lock in profits when positions run high.
Cathie Wood’s funds have frequently adjusted their Coinbase stake to manage risk and rotate capital into other innovation-focused plays, keeping the funds agile as market conditions shift.
For now, with COIN trading near its all-time high and analysts raising targets even higher, investors will be closely watching to see whether Coinbase can sustain its momentum or if profit-taking will lead to near-term volatility.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
